Daily Forecast - 03 December 2015

USDJPY Spot

USDJPY

USDJPY first resistance at 123.35/39 again today but above here we could re-target 123.67 November highs. A break above here is another positive signal to target 123.77 then 123.96/99.

Failure to beat first resistance at 123.35/39 risks a slide to first support at 123.15/10, perhaps as far as better support at 123.00/95. A bounce from here is possible but longs need stops below 122.80. A break below 122.80 could target 122.60 but look for a buying opportunity at 122.40/35.


EURUSD Spot

EURUSD

EURUSD bounced very sharply from 1.0560/56 lows after a bottom at 1.0549. Resistance at 1.0635/38 is the main challenge for bulls again today. However a break higher not out of the question & targets 1.0655 then strong resistance at 1.0685/90. Watch for a high for the day as we become overbought short term. Shorts need stops above 1.0705. Be ready to buy a break above here however to target 1.0725/29 then an excellent selling opportunity at 1.0775/79.

Holding below 1.0635/38 risks a slide to 1.0590 & perhaps a retest of 1.0555/49 lows. Obviously a sustained break below here is a sell signal & targets April lows at 1.0529/19. Just be aware that further losses target the year low seen in March at 1.0460/56.


AUDUSD Spot

AUDUSD

AUDUSD has broken first support at 7298/95 to target strong support at 7270/65. Try longs with stops below 7245. A break lower however targets 7235 then strong support at 7220/15 for a buying opportunity. Longs need stops below 7200.

A move back above 7300 may allow a recovery towards 7330/35. Try shorts again at 7330/35 with stops at 7350. Be ready to buy a break above here however to target 7377/82. This is quite strong resistance in overbought conditions but a break higher targets August highs at 7430/39.


GBPUSD

GBPUSD

GBPUSD collapsed to our lower target of 1.4890/85. Clearly oversold conditions are being ignored. Trend line resistance at 1.4965/70 looks like the main challenge for bulls today but with further resistance at November lows of 1.4990 we could top out anywhere within this band. However on a break higher look for a selling opportunity at 1.5035/40. Shorts need stops above 1.5060.

On the downside watch the 1.4890/85 level although don't expect much support here today. Be ready to sell a break below to target 1.4855/51. If we continue lower look for 1.4810/05. Further losses target 1.4775.

The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.

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